On Tuesday, April 21, in London, Latvia’s fintech (financial technology) sector participated with a joint delegation and a national booth in one of the world’s most significant financial technology events—the Innovate Finance Global Summit (IFGS), which takes place as part of UK FinTech Week. The trade mission was organized by the Investment and Development Agency of Latvia (LIAA), bringing together industry companies and organizations with the aim of strengthening cooperation with UK partners and expanding the international presence of Latvian fintech companies.
During the mission, the Latvian delegation actively participated in the conference program, established new contacts with investors, financial institutions, and technology companies, and engaged in networking events. A significant milestone was the signing of a Memorandum of Understanding (MoU) between the Fintech Latvia Association and Innovate Finance (the UK’s financial technology industry association), marking a new phase in cooperation between the fintech ecosystems of both countries. The agreement provides for an in-depth exchange of knowledge, the development of joint initiatives, and the promotion of new business opportunities.
“Latvia’s fintech sector is currently in a phase of rapid growth, and our goal is to establish it as one of the leading sectors in the region. Cooperation with the United Kingdom—one of the world’s most important financial centers—gives Latvian companies access to capital, knowledge, and global markets. “We are purposefully developing a competitive regulatory framework, talent attraction, and an innovation ecosystem so that Latvia becomes a place where next-generation financial technology solutions are created and developed,” emphasizes Minister of Economics Viktors Valainis.
The trade mission included Latvian fintech companies and industry representatives, including the Fintech Latvia Association, Abillio, Deploi, Elemexa, and Crassula, demonstrating the sector’s diversity and readiness to compete on an international scale.
“Participation in the Global Fintech Summit in London confirms that Latvia’s fintech sector is ready to play a much larger role in the international market. Our companies offer innovative, reliable, and regulated solutions that can compete even in one of the world’s most developed financial centers. Such meetings not only help find new partners but also strengthen Latvia’s reputation as a place where modern financial solutions with global potential are created,” emphasizes LIAA Director Ieva Jāgere.
In recent years, the financial technology sector in Latvia has become one of the fastest-growing and most export-oriented sectors of the economy. It combines innovation, high-value-added services, and a global perspective, while making a significant contribution to the economy and the country’s international competitiveness. Latvia is purposefully developing its fintech ecosystem, based on clear regulations, modern infrastructure, and access to the European market.
“This collaboration is important not only from the perspective of boosting the export capacity of Latvian companies, but also from the perspective of attracting investment — Fintech companies launching their operations in London may find access to the European Union market particularly relevant — and in this regard, Latvia is currently able to provide an accessible licensing process in a jurisdiction with a good reputation. “We have already been working with investors from the United Kingdom who are expressing interest in a specialized banking license,” emphasizes Tīna Lūse, Head of the Latvian Fintech Association.
The national fintech development strategy aims to further strengthen three key areas: infrastructure and regulation, access to capital, and talent availability. This includes both the simplified integration of foreign companies and the development of innovative financial solutions, including digital assets and blockchain technology, as well as the targeted attraction of investment and human capital.
This initiative is a significant step toward strengthening the international competitiveness of Latvia’s fintech sector and promoting the country’s recognition as an innovative and reliable partner in the field of financial technology.
The LIAA organizes participation in trade missions abroad as part of the European Union-co-financed Innovative Entrepreneurship Development Program for Small and Medium-sized Enterprises (SMEs), with support from the European Regional Development Fund and state funding.
